000831.SZ · A-shares
000831.SZ China Rare Earth: mid-heavy RE platform + price beta
China Rare Earth 2025 revenue ¥3.182B (+5.1%), parent NI ¥0.173B (turnaround); 2026H1 revenue ¥1.647B (−12%), NI ¥0.237B (+47%). ~¥45.65 / mkt ~¥48.4B. See Northern RE.
Cite a section with a deep link, e.g. /en/r/china-rare-earth-000831-research#thesis
KPIs
- A-share (approx)
- CNY 45.65
- Market cap (approx)
- CNY 48.4B
- 2025 revenue
- CNY 3.2B
- 2025 parent NI
- CNY 173.0M
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
China Rare Earth Mid/heavy RE listed platform; 2025 turnaround, 2026H1 NI up. Thesis is RE price/quota beta vs Northern RE mix.
Business
Model: Rare-earth mining–separation–sales focused on mid/heavy oxides/metals; NI highly sensitive to RE prices and quotas.
Flagships: RE oxides and metals (mid/heavy mix).
Competitiveness: (1) mid/heavy RE listco + SOE consolidation; (2) quota-constrained supply premium.
Strategy (12–24m): ride RE prices/quotas; H1'26 revenue soft — track whether price-volume and NI improvement stick. Contrast Northern RE on mid/heavy vs light structure.
Strategy pillars
| Pillar | Detail |
|---|---|
| 主业定位 | 中重稀土采选—分离—销售平台 |
| 政策 beta | 受益稀土价格与配额 |
| 对标 | 相对北方稀土看中重稀土结构 |
| 近端 | 跟踪 2026H1 后价量与净利改善持续性 |
Entity boundary: 000831.SZ China Rare Earth mid/heavy RE listco. No material liquidation/resumption-type events.
Value chain
Position: mid-stack separation/sales (mid/heavy RE).
| Side | Counterparties | Dependence |
|---|---|---|
| Upstream | Mines and quotas | Policy supply constraints |
| Downstream | Magnets / new-energy materials | Permanent-magnet and NEV demand |
See Northern RE, nonferrous deep-dive.
Customer structure
| Item | Value | Note |
|---|---|---|
| 客户类型 | 磁材 / 新能源材料用户 | 下游 |
| 客户集中度 | N/A（未具名） | — |
| 上游 | 矿山与配额 | 供给约束 |
Customer concentration: not named; magnet/new-energy materials downstream. Mines and quotas constrain supply.
Supply-chain risks: (1) RE price cycle; (2) quotas and ESG constraints — echoed in Risks.
Price & valuation
Cyclical + policy name—use RE price scenarios. Post-turnaround trailing PE is distorted, not a cheap signal.
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| P/E（2025 扭亏后） | 约 280x / 高波动 | 市值约 484 亿 / 归母 1.73 亿；扭亏后倍数失真，宜看远期与价格情景 |
| 盈利年化示意（H1） | 约 100x 量级 | H1 归母 2.37 亿年化仍贵；政策 beta |
| P/B | 约 4–6x（示意） | 稀土政策溢价 |
| 盈利收益率 | 低个位数 % | 高估值对应政策/价格期权 |
| 现价读法 | 约 45.65 元 | 稀土价格与配额叙事 |
~3y valuation / return series (illustrative public-market; div yield and trailing ann. return approximate):
Valuation & returns · ~3y
Interactive chart available in the reader.
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24m)
Last 8Q revenue and gross margin with YoY/QoQ.
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Improving (turnaround) — 2025 turnaround, H1 NI better; reconcile OCF, inventory, receivables.
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 改善中（扭亏） | 2025 扭亏、H1 利润改善；营收仍波动 |
| 经营现金流 | N/A（本包未单列） | 扭亏期核对 OCF 与存货；以年报为准 |
| 有息债 vs 现金 | 示意：国企平台杠杆可控 | 以合并报表为准 |
| 流动性 | 示意：正常 | — |
| 审计意见 | 无保留（常规预期） | 以年报为准 |
Net income · last 8Q
Interactive chart available in the reader.
Operations
Revenue / segment mix
| Segment | Scale/mix | Note |
|---|---|---|
| 稀土氧化物/金属 | 主体 | 中重稀土为主 |
| 贸易/加工 | 次要 | 价格敏感 |
| 其他 | 较小 | — |
| 2026H1 | 营收 −12%、净利 +47% | 价量结构分化 |
Competition
Peer Northern RE. Pros: mid/heavy focus. Cons: smaller scale, more revenue volatility.
Peer map
| Company | Role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 中国稀土 | 中重平台 | 中 | 政策/配额 | 规模小于北方稀土 |
| 北方稀土 | 轻稀土龙头 | 中 | 规模/成本 | 轻稀土为主 |
| Lynas | 海外 RE | 中 | 海外供给 | 政策/地缘 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 刘雷云 | 公开披露 | 平稳 |
| 总经理 | 以年报为准 | 公开披露 | — |
| 董秘 | 以年报为准 | 公开披露 | — |
Stability: steady under SOE governance; chair Liu Leiyun.
Outlook
Commodity demand: RE demand tied to permanent magnets, EVs, wind; quotas/ESG constrain supply and amplify price torque.
Track RE index, quotas, whether 2026H1 NI improvement persists on soft revenue.
Scenarios
| Scenario | Trigger | Implication |
|---|---|---|
| Bull | RE prices up + stable quotas | NI up |
| Base | Choppy prices | Policy beta sleeve |
| Bear | Prices down | NI compression |
Risks
Risks (with severity)
| Risk | Level | Note |
|---|---|---|
| 稀土价格下行 | 高 | 利润弹性核心 |
| 配额与环保政策 | 高 | 供给约束与合规成本 |
| 营收波动（2026H1 承压） | 中高 | 价量能否持续改善 |
| 估值泡沫 / 预期差 | 中高 | 扭亏后静态 PE 失真 |
| 相对北方稀土的规模劣势 | 中 | 结构差异 |
| 国企整合不确定性 | 中 | — |
Tracking
Next interim / annual check:
- RE price index vs realized
- Quota notices and separation utilization
- Revenue YoY stabilizing
- NI improvement vs H1
- Structure/spread vs Northern RE
Confirm: prices stable, quotas steady, NI improvement sticks.
Falsify: RE price down, tighter quotas, revenue keeps soft.
References
- China RE disclosures — http://www.cninfo.com.cn/new/disclosure/stock?stockCode=000831&orgId=gssz0000831
- SZSE notices — https://www.szse.cn/disclosure/listed/bulletin/index.html?stock=000831
- Northern RE · Nonferrous deep-dive
Not investment advice. Valuation series are illustrative public-market estimates.
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